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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
IDR
Spot USD/IDR re-opened on a firmer footing after registering a fresh two-week low yesterday. The pair last trades at IDR14,525, 28 figs better off, with little to write home about local headline catalysts.
- Bank Indonesia left its monetary policy settings unchanged Tuesday, in line with expectations, but trimmed its GDP forecast for 2021 to +4.1%-5.1% from +4.3%-5.3%. Unsurprisingly, BI continued to stress the need of maintaining rupiah stability amid persistent uncertainties.
- Indonesian car sales surged 72.5% M/M to nearly 85k in March as the recent tax cuts took effect, but remained below the pre-pandemic levels.
- The Financial Services Authority (OJK) holds a media briefing on unit link insurance product and supervision today.
- The Indonesian docket is virtually empty during the remainder of the week.
- A break above IDR14,633-14,635, which capped gains on Apr 13-15, would allow bulls to return into the driver's seat. Bears look for losses past Apr 7 low of IDR14,470 before taking aim at Mar 29/200-DMA at IDR14,410/14,400.
Fig. 1: Indonesia Domestic Car Sales (thousands)
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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